- Ualá says it is coming to Mexico to change Mexican’s financial lives;
- In Argentina, Ualá soared amid the COVID-19 pandemic.
The SoftBank-funded Argentine fintech Ualá begins its expansion in Latin America. On Tuesday, it announced the launch of its operations in Mexico, aiming to serve the unbanked population: “A market where only 47% have a bank account”, it said.
Ualá says it is coming to Mexico to change Mexican’s financial lives and provide a free mobile app linked to an account and an international Mastercard debit card, without issuance, renewal, maintenance and closing costs. It will be available on iOs and Android for anyone in Mexico over 18 years. “It will allow them to manage money in an easier, simpler, more secure and 100% digital way”, the company said.
In Mexico, Ualá hopes to replicate the success it has been experiencing in Argentina, where earlier this year it doubled the number of cards issued in 10 months, from 1 million to 2 million.